Ethereum's Price Consolidates Above $1,980 After Recent Pullback
1min read Ethereum's price has been consolidating after a recent pullback, with the cryptocurrency finding support above the $1,980 level. Following a correction that saw it decline below the $2,020 and $2,000 support levels, Ethereum tested the $1,980 zone, forming a low at $1,982. Since then, the price has been rising, surpassing the $2,000 level and the 23.6% Fibonacci retracement level of the recent decline from the $2,097 swing high to the $1,982 low.
Currently, Ethereum is trading below $2,040 and the 100-hourly Simple Moving Average. A connecting bearish trend line is forming with resistance at $2,050 on the hourly chart of ETH/USD. On the upside, the price faces hurdles near the $2,040 level and the 50% Fibonacci retracement level of the recent decline. The next key resistance is near the $2,050 level, with the first major resistance near the $2,100 level.
A clear move above the $2,100 resistance could send the price toward the $2,150 resistance. An upside break above the $2,150 resistance might call for more gains in the coming sessions, with Ethereum potentially rising toward the $2,250 resistance zone or even $2,320 in the near term. However, if Ethereum fails to clear the $2,050 resistance, it could start another decline. Initial support on the downside is near the $2,000 level, with the first major support sitting near the $1,980 zone.
Ask Aime: What is the expected future trajectory of Ethereum's price following the recent consolidation and pullback, considering the Fibonacci levels and technical indicators?
A clear move below the $1,980 support might push the price toward the $1,920 support and the trend line. Any more losses might send the price toward the $1,880 support level in the near term, with the next key support sitting at $1,810. Technical indicators show that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI for ETH/USD is now below the 50 zone. Major support and resistance levels are at $2,000 and $2,050, respectively.
Analysts are divided on the future direction of Ethereum's price. Some believe that the recent pullback was a healthy correction and that Ethereum is poised for a fresh move higher. Others are more cautious, citing the bearish trend line and the resistance levels that Ethereum must overcome to continue its upward trajectory. According to the analyst's forecast, if Ethereum can clear the $2,050 resistance, it could see significant gains in the coming weeks. However, if it fails to do so, it could face further declines.
